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Financial advice for young people - MyCollectia
Sebastian S.
May 23, 2023

3 tips for young people

Many young people find it difficult to keep track of their personal finances. We've come up with 3 tips to help you keep it under control so it doesn't get out of hand.

1. Get an overview with a budget

A realistic budget is the easiest way to get a good overview of your finances. You can easily see how much you have in income and how your expenses are distributed - and thus also where you can save. Once your budget is set, make sure you have relevant accounts in the bank that can help you stick to the budget. For example, set up a food account with a debit card so you can easily track your spending on food. This way, you avoid overspending and thus a crumbling budget. Once the budget is set, you can also look at where expenses can be cut. For example, can you get a cheaper phone subscription? Or insurance? If so, use one of the many free online sites where you can get several quotes for your fixed costs. However, remember to check whether the offer is cheaper overall than your current one.

2. Get extra income

Many young people can earn extra income just by selling off second-hand items. If you have old textbooks lying around, they can easily be sold online to bring an extra penny into the budget. Similarly, used clothes, electronics, furniture, etc. can be sold online for extra income. You might also be able to get a second job in your spare time to make more money.

3. Maintain your fixed costs

Once you have created your budget, the first thing to do is to review your fixed expenses to see where you can save money. After that, it is important to review them often. Look at your insurance policies, subscriptions, etc. to see if there are new and better offers on the market that are cheaper. Often there is a lot of money to be saved, and you will save money every month in the future!